Mortgage delinquency rates decline, 6% in Arizona

delinquenciesBy Lisa Prevost | The New York Times

As the economy improves, the number of borrowers who are seriously behind on their mortgage payments continues to decline. The enhanced outlook is such that even those in delinquency are feeling more optimistic about their circumstances and homeownership in general.

The share of borrowers delinquent by 60 days or more is down in all 50 states compared with a year ago, according to an analysis of 52 million mortgages by TransUnion, a credit information service.

The national delinquency rate, 4.09 percent, is down from 5.33 percent at this time last year, according to TransUnion. That is still well above the 1.5 to 2 percent delinquency rate that was the norm in the 1990s, before the housing bubble. But it marks the seventh consecutive quarter of improvement, said Tim Martin, TransUnion’s group vice president for domestic housing.

The largest year-over-year declines were in California, Arizona and Nevada, where rates fell 32 to 38 percent.

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